Over the Top (OTT) Market worth USD 251.76 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Over the Top (OTT) Market by Content Type (Video, Audio, Games, Communication, and Others), by Revenue (Subscription, Advertisement, Transaction, and Others), by User Type (Personal and Commercial), by End User (Media & Entertainment, Education & Training, Health & Fitness, IT & Telecom, E-commerce, BFSI, Government, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global over the top (OTT) market was valued at USD 101.42 billion in 2020 to USD 251.76 billion by 2027, at a CAGR of 13.87% from 2021 to 2027. SVOD is a service provided by the OTT platform providers that allow users to access an entire library of videos with a small recurring fee. This fee can be changed daily, weekly, monthly, or annually, depending on the service. Once the user pays for accessing the service, they can watch as many videos as they want on any device with internet access. SVOD examples include Netflix, Hulu, and HBO. SVOD is the most common type of VOD service offered by media companies now. Also, according to the estimates by Rapid TV News, the global SVoD users would grow by 5% and amount to 949 million by the end of 2020 compared to the figure previously pegged as just over 900 million before the pandemic crisis. The research attests to increased consumption as a result of the COVID-19 outbreak.

Global Over the Top (OTT) Market Segmentation

The overall over-the-top (OTT) market has been segmented into content type, revenue, user type, end user, and regions.

• By Content Type (Video, Audio, Games, Communication, and Others),
• By Revenue (Subscription, Advertisement, Transaction, and Others)
• By User Type (Personal and Commercial)
• By End User (Media & Entertainment, Education & Training, Health & Fitness, IT & Telecom, E-commerce, BFSI, Government, and Others)
• By Region (US, Mexico, Canada, UK, Italy, Germany, France, Spain, Japan, China, India, South Korea, Southeast Asia, Australia, Saudi Arabia, South Africa, Qatar, UAE, Nigeria, Israel, Brazil, Argentina, Peru)

Media & Entertainment, by User Type, is estimated to hold the largest market share during the forecast period

Based on the end-use, the global over the top (OTT) market has been segmented in media & entertainment, education & training, health & fitness, it & telecom, e-commerce, BFSI, government, and others. In 2020, Media & Entertainment segment had the largest market revenue share of 35% in the market of over the top (OTT).

In media & entertainment, there is the involvement of every segment in the end-use. OTT can be used for any purpose; it can be used for watching the news, watching games, watching movies or watching shows, and many more. There was a high increase in OTT demand during the pandemic as it was only the source for watching anything at home. Nowadays, the film industry or a serial director collaborate, directly uploading their shows and movies on OTT instead of on a TV channel or cinemas.

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North America accounts for the largest market share during the forecast period in the over the top (OTT) market

Based on the regions, the global over the top (OTT) market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market share of 50.16% in the global over the top (OTT) market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

The United States has the largest market of OTT in the world. The high penetration of smart devices, like smart TV and smartphone, increasing demand for VOD content, and high rate of per-user payment are some of the major factors driving the OTT market in the country. Also, the top global OTT vendors, like Amazon and Netflix, are US-based, providing an advantage to the regional market. Diverse ethnic cast and content are also among the emerging trends in the country that have fuelled the market growth. Creators are making shows that target a broader range of ethnic groups. As the US audiences are socially conscious, the OTT content offers authentic stories, especially with a vast ethnic group, raising the content engagement in the country, hence supporting the studied market growth.

Some of the major companies that operate in the global over the top (OTT) market are Netflix Inc., Amazon.com Inc., Tencent Holdings Ltd, The Walt Disney Company (Hulu), Roku Inc DAZN Group Limited, NBC Universal (Hayu), Google LLC (YouTube), and PCCW Media Group (Viu).

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